According to new report available with Million Insights, the main driving factor for this market is increasing elderly population and high incidences of CNS diseases. The MRI technique dominates the medical diagnosis market due to its various biomedical applications.

The Global Magnetic Resonance Imaging (MRI) Market was valued at USD 3.2 billion in 2015. The systems are used mainly for the detection of central nervous system (CNS) related diseases such as tumors, spine lesions, stroke influenced area in brain and blood vessels. The main driving factor for this market is increasing elderly population and high incidences of CNS diseases. The high rates of chronic diseases due to the increased geriatric population and demand for the minimally invasive or non-invasive diagnostic procedures fuel the market growth.

The technology advancement in various screening techniques namely open systems, software up gradation and superconducting magnets supports the market growth. The combination of MRI and pacemaker is a new technology development open the new door for MRI market due to its duel advantage and application. The higher adoption in the technology is due to the its sharp and precise images in short period of 20 minutes time because of its paramagnetic contrast agent and gadolinium-DTPA use as an intravenous injection.

The high cost of devices and maintenance as well as servicing cost are hinders the market growth. The helium gas usage in machine cooling increases the total operation time and shrinks the productivity. The product approval from FDA and other regulatory authorities are one of the biggest challenge for the market.

Product Insights:

The product is categorized as closed and open type based on its design. The closed type of instrument captures the largest market in 2015. On the other hand the product acceptance of closed instrument is very law for the claustrophobic patients due to the fear of suffocation so the market opportunities for the open instrument is very high in projected forecast period.

The instrument is also classified as mid field strength devices and high strength devices. The Mid field strength devices is more preferred due to its cost, speed of scanning and resolution. Thus, the mid field strength devices account the largest revenue share in 2015.

Application Insights:

The MRI technique dominates the medical diagnosis market due to its various biomedical applications. The MRI is used for the scanning of various body parts such as abdomen, pelvis, brain, spine, heart, breast and musculoskeletal structure due to its anatomical and physiological scanning competence.

The other alternative failed to give accurate and precise imaging results for the neural and brain disorders that boosts the market growth for MRI market. The lack of other alternatives are the prime market driver for MRI and encourage the market growth during the forecast period. The MRI market is not so suitable for the breast and cardiac imaging due to the other strong preferable techniques such as of X-ray and other fist line imaging techniques.

North America dominated the market with the largest revenue share in 2015. The North America is the dominate market for the MRI techniques due to technology advancement as well as easy availability of instrument in this region. The government policies on healthcare, the reimbursement by the private and government insurances, awareness for the diseases and early detection heighten the market growth in North America.

Asia Pacific is the most potential market for the MRI due to its increasing elderly population and high incidences of chronic diseases. The China, Japan and India is the growing economies of Asia and its medical tourism industry is growing at a high rate this leads to the MRI market in progressive direction. The cheap medical treatment costs, technology advancement, good facilities and healthcare system causes the new market opportunity for MRI in this region.

Competitive Outlook:

Major players competing in the industry include but are not limited to Siemens AG; Koninklijke Philips N.V.; GE Healthcare; Hitachi Medical Systems. These companies hold a strong position in the global market mainly due to their strong geographic reach. Some other players operating in the market include Toshiba Corporation; Aurora Imaging Technologies, Inc.; Esaote SpA; Sanrad Medical Systems Pvt. Ltd Inc.

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